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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 25, 1997
SUPERIOR BANK FSB (as depositor under the Pooling and Servicing Agreement, dated
as of March 1, 1997, providing for the issuance of AFC Mortgage Loan Asset
Backed Certificates, Series 1997-1)
Superior Bank FSB
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(Exact name of registrant as specified in its charter)
United States 333-24185 36-1414142
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
One Lincoln Centre
Oakbrook Terrace, Illinois 60181
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (708) 916-4000
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<PAGE>
Item 5. Other Events
On April 25, 1997 (a "Remittance Date") a scheduled remittance was made to
the Certificateholders with respect to AFC Mortgage Loan Asset Backed
Certificates, Series 1997-1, issued pursuant to a Pooling and Servicing
Agreement, dated as of March 1, 1996, among Superior Bank FSB., as Depositor,
Lee Servicing Company, a division of Superior Bank FSB., as Servicer and LaSalle
National Bank, as Trustee. The information contained in the Servicer's Monthly
Remittance Report to the Trustee, which shall be forwarded by the Trustee to the
Certificateholders, is attached hereto as Exhibit 21.1 and is incorporated
herein by reference.
Capitalized terms used herein and not defined shall have the same meanings
ascribed to them in the pooling and Servicing Agreement.
Items 2 through 4 and Items 6 and 8 are not included because they are not
applicable.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits
21.1 Monthly Remittance Report for the month of April, 1997.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
SUPERIOR BANK F.S.B.
By: /s/ William C. Bracken
----------------------------
Name: William C. Bracken
Title:Executive Vice President
Dated: April, 1997
<PAGE>
EXHIBITS TABLE
21.1 Monthly Remittance Report for the month of April, 1997.
EXHIBIT 21.1
<PAGE>
ALLIANCE FUNDING COMPANY
BY LEE SERVICING COMPANY, A DIVISION OF SUPERIOR BANK, FSB
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
1997-1
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT DATED
AS OF MARCH 1, 1997 LEE SERVICING COMPANY REPORTS THE FOLLOWING
INFORMATION PERTAINING TO SERIES 1997-1 FOR APRIL 25, 1997, THE REMITTANCE DATE.
DUE PERIOD ENDED: APRIL 1, 1997
================================================================================
<TABLE>
<CAPTION>
TOTAL POOL SUBPOOL 1 SUBPOOL 2
------------ ------------ ------------
COLLECTIONS
<S> <C> <C> <C>
1 Total Actual Principal Collections 1,356,982.19 385,297.89 971,684.30
2 Total Actual Interest Collections 324,342.67 123,921.89 200,420.78
3 Additional Proceeds 0.00 0.00 0.00
------------ ------------ ------------
4 TOTAL COLLECTIONS: 1,681,324.86 509,219.78 1,172,105.08
5 Pre-Funding Account Transfers 0.00 0.00 0.00
6 Interest Coverage Account Transfer 685,627.65 269,982.75 415,644.90
------------ ------------ ------------
7 AGGREGATE AMOUNT RECEIVED: 2,366,952.51 779,202.53 1,587,749.98
MONTHLY ADVANCES
8 Delinquent Interest Advance 928,509.38 295,637.42 632,871.96
9 Compensating Interest 2,431.19 1,727.82 703.37
10 Amounts Held for Future Distributions 0.00 0.00 0.00
11 Reserve Withdrawal per Sec. 6.14 0.00 0.00 0.00
------------ ------------ ------------
12 AVAILABLE REMITTANCE AMOUNT: 3,297,893.08 1,076,567.77 2,221,325.31
FEES
13 Service Fees 61,236.92 23,883.38 37,353.54
14 Expense Account Deposit: 5,466.08
------------
15 ADJUSTED REMITTANCE AMOUNT: 3,231,190.08
REMAINING AMOUNT AVAILABLE:
16 Adjusted Remittance Amount 3,231,190.08
17 Insured Payments due 0.00
Insurance Account Deposit @ 13 bp
18 the Ending Principal Balance 23,686.33
19 Class Remittance Amounts 3,207,503.75
Non-Recoverable Advances not
20 Previously Reimbursed 0.00
------------
21 Total Remaining Amount Available: 0.00
============
REIMBURSEMENTS DUE PURSUANT TO SEC. 5.04
22 Servicing Fee 0.00
23 Monthly Advances and Servicer Advances 0.00
24 Preference Amount per Sec. 6.06(b) 0.00
25 Servicing compensation per Sec. 7.03 0.00
26 REO Mgmt. & Dispositions per Sec 5.10 0.00
27 Trustee Advances per Sec 11.01 0.00
</TABLE>
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Page 1 of 4
<PAGE>
ALLIANCE FUNDING COMPANY
BY LEE SERVICING COMPANY, A DIVISION OF SUPERIOR BANK, FSB
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
1997-1
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT DATED
AS OF MARCH 1, 1997 LEE SERVICING COMPANY REPORTS THE FOLLOWING
INFORMATION PERTAINING TO SERIES 1997-1 FOR APRIL 25, 1997, THE REMITTANCE DATE.
DUE PERIOD ENDED: APRIL 1, 1997
================================================================================
<TABLE>
<CAPTION>
TOTAL CLASS A CLASS R
-------------- -------------- --------------
<S> <C> <C> <C>
28 Loans Outstanding - BOM 1646
29 Original Loan Balance 140,827,927.17 140,827,927.17
30 Pre-Funding Account Balance 83,661,868.75 83,661,868.75
31 Initial Overcollateralization 4,489,795.92 4,489,795.92
32 Realized Losses, LTD 0.00 0.00
33 Carryforward Amount 0.00 0.00
------------------------------------------------
34 Total Class Principal Balance 220,000,000.00 220,000,000.00
35 Pool Factor per Loan Balance 64.0126942% 64.0126942%
36 Pool Factor per Class Balance 100.0000000% 100.0000000%
37 Excess Spread 0.00 0.00
38 Additional Principal due Class A 592,121.56 592,121.56
39 Interest Remittance @ Pass-Through Rate 1,258,400.00 1,258,400.00
PRINCIPAL ADDITIONS:
40 Number (Subpool 1) 295 295
41 Loan transfers from Pre-Funding 17,553,283.92 17,553,283.92
42 Number (Subpool 2) 213 213
43 Loan transfers from Pre-Funding 23,921,740.90 23,921,740.90
44 Total Number of loans 508 508
45 Total Loan Transfers from Pre-Funding 41,475,024.82 41,475,024.82
46 Pre-Funding Account Excess 0.00 0.00
PRINCIPAL REDUCTIONS:
47 Prepayments - Number 10 10
48 Prepayments - Dollar 1,228,022.52 1,228,022.52
49 Net Liquidation Proceeds 0.00 0.00
50 Curtailments 18,060.49 18,060.49
51 Normal and Excess Payments 110,899.18 110,899.18
------------------------------------------------
52 Total Principal Remittance 1,356,982.19 1,356,982.19
53 Additional Principal Reduction 592,121.56 592,121.56
------------------------------------------------
54 TOTAL REMITTANCE 3,207,503.75 3,207,503.75 0.00
================================================
55 Current Month Realized Loss - Number 0 0.00
56 Current Month Realized Loss - Dollar 0.00 0.00
CLASS PRINCIPAL BALANCE - EOM
57 Loans Outstanding - EOM 2144
58 Closing Loan Balance 180,945,969.80 180,945,969.80
59 Pre-Funding Account Balance 42,186,843.93 42,186,843.93
60 Additional Principal Reduction, LTD 5,081,917.48 5,081,917.48
61 Realized Losses, LTD 0.00 0.00
-------------- -------------------------------
62 Total Class Principal Balance 218,050,896.25 218,050,896.25
63 Pool Factor per Loan Balance 82.2481681% 82.2481681%
64 Pool Factor per Class Balance 99.1140438% 99.1140438%
</TABLE>
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<PAGE>
ALLIANCE FUNDING COMPANY
BY LEE SERVICING COMPANY, A DIVISION OF SUPERIOR BANK, FSB
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
1997-1
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT DATED
AS OF MARCH 1, 1997 LEE SERVICING COMPANY REPORTS THE FOLLOWING
INFORMATION PERTAINING TO SERIES 1997-1 FOR APRIL 25, 1997, THE REMITTANCE DATE.
DUE PERIOD ENDED: APRIL 1, 1997
================================================================================
<TABLE>
<CAPTION>
<S> <C> <C> <C>
65 Weighted Note Rate - THIS Remittance 10.72034 %
66 Weighted Note Rate - NEXT Remittance 10.72034 %
67 Weighted Average Remaining Term 260.13
68 Accrual Period for Libor Rate 20-Mar-97 thru 24-Apr-97
69 Days in Related Period 36
70 Pass-Through Rate 5.72000%
TOTAL POOL SUBPOOL 1 SUBPOOL 2
-------------- ------------- --------------
71 Original Pool - Principal Balance 140,827,927.17 41,875,267.67 98,952,659.50
72 Original Pool - Pre-Funding Account 83,661,868.75 33,147,497.60 50,514,371.15
73 Original Pool - Initial Overcollateralization 4,489,795.92 1,500,455.31 2,989,340.61
-----------------------------------------------
74 Original Pool Total 220,000,000.00 73,522,309.96 146,477,690.04
75 Original Pool - Number of Loans 1646 816 830
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CLASS A OVERCOLLATERALIZATION RECONCILIATION
Beg.of Month Current Month End of Month
-----------------------------------------------
76 Initial Overcollateralization 4,489,795.92 592,121.56 5,081,917.48
77 Less: Realized Losses, LTD 0.00 0.00 0.00
-----------------------------------------------
78 Overcollateralization of Principal 4,489,795.92 592,121.56 5,081,917.48
===============================================
79 Base Overcollateralization Required 12,571,428.57
80 Required Overcollateralization Amount 12,571,428.57
CURRENT MONTH SUBORDINATED AMOUNT Beg.of Month Current Month End of Month
-----------------------------------------------
81 Original Subordinated Amount 27,724,489.79 N/A 27,724,489.79
82 Less: Cumulative Realized Losses 0.00 0.00 0.00
83 Plus: Cumulative Additional Proceeds 0.00 0.00 0.00
-----------------------------------------------
84 Current Subordinated Amount 27,724,489.79 0.00 27,724,489.79
===============================================
NONRECOVERABLE ADVANCE RECONCILIATION
85 Beginning of Month 0.00
86 Current Month Unpaid Nonrecoverable Advance 0.00
87 Less: Current Month Reimbursement 0.00
--------------
88 End of Month 0.00
RESERVE ACCOUNT RECONCILIATION
89 Initial Reserve Deposit 4,200,432.77
90 Reserve Withdrawal per Sec. 6.14 0.00
--------------
91 End of Month 4,200,432.77
</TABLE>
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Page 3 of 4
<PAGE>
ALLIANCE FUNDING COMPANY
BY LEE SERVICING COMPANY, A DIVISION OF SUPERIOR BANK, FSB
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
1997-1
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT DATED
AS OF MARCH 1, 1997 LEE SERVICING COMPANY REPORTS THE FOLLOWING
INFORMATION PERTAINING TO SERIES 1997-1 FOR APRIL 25, 1997, THE REMITTANCE DATE.
DUE PERIOD ENDED: APRIL 1, 1997
================================================================================
CLASS FACTORS TOTAL POOL
--------------
92 Total Class Principal - Original Pool 220,000,000.00
93 Interest Remittance Amount 1,258,400.00
94 Interest Rate Factor / 1000 5.720000
95 Total Principal Collections 1,356,982.19
96 Prefunding Account Excess 0.00
97 Additional Principal Reduction 592,121.56
--------------
98 Principal Remittance Amount 1,949,103.75
99 Principal Payment Factor/1000 8.859563
100 Current Month Ending Principal Factor 991.140438
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